180 million PANs could become defunct by March 31
New Delhi, Aug 20: A massive crackdown is being planned on those who have multiple PANs. The Income Tax Department is set to nab tax evaders conducting high value transactions by using multiple PANs. Over 180 million PANs could become defunct if they are not linked with Aadhaar before the March 31 deadline.
The government is also likely to expand the list of high value transactions to track expenditure patterns of unscrupulous people, who spend large amounts on luxuries but underreport their income and evade tax, a report in the Hindustan Times said.
The report while quoting an official said that in a population of 130 crores only 1.5 crore people contribute to the I-T.
It may be recalled that Prime Minister, Narendra Modi had unveiled India's first charter of taxpayers' rights and duties on August 13. He had appealed to the people to introspect that only 15 million people in a population of 130 crore pay I-T.
There are 509.5 million PAN cardholders in the country as on June. Only 64.8 million file income tax returns and only 15 million actually pay I-T. The report also said that around 4.098 crore people file ITR. But they either show zero liability or claim the full amount of tax paid through ITR.
Multiple PAN Cards are used to hide value transactions as a result of which only 32.71 crore PANs are linked with Aadhaar. Over one third PANs will come under the scanner unless linked with Aadhaar before March 31, the report also said.